Oil rebounds on fading risk of U.S. debt default | Reuters
Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default.
Brent futures rose 61 cents, or 0.8%, to $76.47 a barrel by 1345 GMT, while West Texas Intermediate U.S. crude <CLc2> for July expiry climbed 50 cents, or 0.7%, to $72.44
The less active U.S. crude contract for May , which is due to expire on Monday was up 72 cents to $72.58.
"I think markets have been pricing out the risks of a U.S. debt default, which translates to a more risk-on environment and some dip-buying in Brent crude from previous oversold conditions," said Yeap Jun Rong, a market strategist at IG.
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